The support "has proven instrumental in recapitalizing and
restructuring Spain’s troubled banks, which are today on a sound
footing," Klaus Regling, head of the European Stability
Mechanism (ESM) was quoted by AFP. “Spain’s program exit
after one year is an impressive success story," Regling
said.

"Despite the challenges ahead I am confident that the ESM’s
support, combined with structural reforms, will allow the Spanish
economy to achieve stability and substantial growth,” he
added. "Spain will not request any follow-up assistance from
the ESM."

Amid a budget crisis in 2012, Madrid managed to negotiate a 100
billion euro deal with Eurozone states to bail out the nation’s
banks, which were on the verge of collapse, following the burst
of Spain’s real estate bubble. From the total loan secured, Spain
ultimately spent only 41.3 billion euros.

Spain has become the second of five Eurozone countries to have
concluded a bailout effort. Spain‘s official bailout exit is
scheduled for January. Ireland, meanwhile, completely halted its
aid program on December 15.

But despite the success story, in mid-December Spain was warned
by the EU Commission and the European Central Bank (ECB) to
monitor its banks for shock resiliency and solvency.

Spain emerged from its recession in the third quarter of 2013,
and is expected to achieve a growth rate of at least 0.5 per cent
in 2014.

Yet, Spain faces the second largest unemployment crisis in the
EU, at 26.7 percent, according to October figures. Greece is
leading unemployment in the region with 27.4 percent. Overall,
according to Eurostat, the EU has an unemployment rate of 10.9
percent.

Meanwhile, Latvia became the 18th -- and one of the poorest
countries -- to join the EU monetary union, largely against
popular opinion. November’s SKDS poll revealed that only 20
percent of Latvians are in favor of adopting the Euro, while the
majority, 58 percent, see the national currency, the Lats, as a
symbol of sovereignty and independence.

The euro, which was introduced 15 years ago, is now the official
currency of 333 million Europeans. Latvia, the fourth smallest
economy in the bloc after Malta, Estonia and Cyprus, hopes that
the euro will lower its borrowing costs from the EU and encourage
investment.